Egos are pretty much stronger forms of weapons. It does require constant attention to maintain the weapon but anyone who can make a consistent amount of money shouldn't really worry about it. The repairing may pose a little problem as you need a high proficiency weapon of the same type and a spirit liquer. Just don't use it unnecessarily to avoid constant repairing.
At Social level 21, the spirit awakens which grants you more power as a result do more damage. The wiki has more information on that.
Thanks to Shnao for the siggy and avatar